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Crypto enthusiasts have been taken by surprise as the AVAX token surges to an all-time high (ATH). According to reports, AVAX has seen a price surge of approximately 60% over the past week.
AVAX is the native token of the Avalanche blockchain and is considered to be a competitor of Ethereum. It has caught the eye of a large audience intrigued by the crypto space. Let’s find out more details regarding the price surge seen for AVAX. Meanwhile, if you are interested in buying AVAX you can click on Binance.
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Details of the AVAX Token Price Surge
The Avalanche blockchain was launched in September 2020 and within a short period, it has grown quite prominent. It is a programmable smart contracts platform designed for decentralized applications. AVAX is the native token of the blockchain and is currently the twelfth-largest digital asset in the world.
It has a market value of $14.6 billion and earlier today it surged to an ATH of $68.34. According to reports, the price surge was a result of an investment of $230 million that went into the Avalanche ecosystem.
The investment round of the Avalanche blockchain was conducted through the private sale of the AVAX token, which was reportedly completed in June. The participants in the private sale of the token included the following investors.
- Polychain
- Three Arrows Capital in Singapore
- R/Crypto Fund
- Dragonfly
- CMS Holdings
- Collab + Currency
- Lvna Capital
The blockchain also took to Twitter to make the announcement.
According to reports, the funds will be used by the Avalanche Foundation,
“to support and accelerate the rapid growth of decentralized finance (DeFi), enterprise applications, and other use cases on the Avalanche public blockchain. Support for projects will include grants, token purchases, and various forms of investments and technology support.”
In August, the significance of the blockchain was highlighted when it launched the “Avalanche Rush”. The Avalanche Rush is a $180 million liquidity mining incentive program. It has been launched to get more assets and applications to its DeFi ecosystem.
The director of the Avalanche Foundation, Emin Gün Sirer, posted a tweet that talked about the progress of the blockchain.
Could AVAX Rise Higher Through the Ranks?
According to reports, the dominance of Ethereum in NFTs, DeFi and the smart contract market has recently been challenged by blockchains such as Solana, Cardano, Polkadot and Algorand.
Avalanche’s investment round has also occurred during this conflict, which has led many to speculate that it might surpass ETH at some point. However, these are only speculations at the moment that are somewhat biased as well and the real outcome is yet to be seen.
The AVAX token has seen quite the price surge in the last seven days, as seen in this graph by CoinGecko.
However, whether it will achieve another all-time high and rise through the ranks of the crypto market or not is another question.
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